The boil is basically to isomerize the hop alpha acids (extract and lock in the bitterness)
It is possible to boil a smaller amount and liquor back but not nearly as effective.
say for example 10g hop gicves 10 IBU in 20 litres of wort (stay with me here i know these figures are a bit creative)
10g hop gives 16 IBU in 10 litres of wort
so once you liquor back the 10 litre boil to 20 litres you will be left with 8 IBU
now this was a long winded, fantastical and fairly non-sensical way of saying hop isomeration is less effective when used in proportinally larger quatities relative to the amount of wort.
You'll basically have to use more hops if you do smaller boils thus costing more money eventually, especially if you like a hoppy beer.
there are a lot of threads on here about building boilers cheaply. I would say its very easily acheivable to buy and build a 25 litre mash tun for £20-25 maybe even less if you really shop around.
I'm currently in the middle of building a 60 litre tun with two 3000w elements a lovely new ball valve and hop filter.
20 quid for the bucket (ive since seen an alternatiove for 6 quid
)
8 quid for the elements (4 for one. free if youve got an old kettle knocking around)
8 quid for the ball valve and tank connectors ( you can get fully kitted out ones for this purpose on ebay or spend a little less build it yourself and go to screwfix)
10 quid or less on copper ( to be honest i think if id been a little more savvy i could have been closer to 3-4 quid on this)
so 46 quid for a 60 litre boiler. a 25 litre with one element and smaller hop strainer though would be much cheaper.